Main developments
Oil prices rose during early trading in Asia with the price of Brent crude rising 2.9 per cent at the open to $115.84 a barrel on Monday
A $270mn American E-3 Sentry plane vital for combat operations was damaged in an Iranian attack on Prince Sultan air base in Saudi Arabia.
Prime Minister Benjamin Netanyahu will expand Israel’s invasion of Lebanon.
Yemen’s Houthis claimed they had launched a second attack on Israel.
Iran accused the US of publicly seeking talks while preparing for a ground invasion.
Pakistan is working to bring “both the US and Iran to the negotiating table”.
Syrian forces repelled a drone attack from Iraq on one of the country’s last US military bases.
Iran’s Revolutionary Guards have warned that Israeli and US universities in the region would be considered “legitimate targets”.
Iran has agreed to allow 20 more Pakistani-flagged ships to pass through the Strait of Hormuz.
Iranian petrochemical unit struck in US-Israeli strikes
A petrochemical facility and waste storage site in Iran were attacked on Sunday during the latest US-Israeli strikes against the country’s infrastructure.
A petrochemical unit in Tabriz, northern Iran, was struck at midnight on Sunday, the crisis head for the Azerbaijan east province told state media, adding that the situation was under control and no pollutants had been released as a result.
A waste storage site in Tehran’s Kiyanshahr area was also attacked, with state media showing the area on fire.
Oil price rises past $115 as conflict escalates
Oil prices rose on Monday as equity futures fell during early trading in Asia after the war escalated over the weekend.
The price for Brent crude, the international benchmark, rose 2.9 per cent at the open to $115.84 a barrel. West Texas intermediate, the US benchmark, rose 1.7 per cent to $101.35 a barrel.
US stock futures were down following a sell-off in stocks at the end last week with S&P 500 futures down 0.6 per cent.
The market moves came as the conflict escalated over the weekend. The Iran-allied Houthi movement in Yemen launched missiles at Israel for the first time since the war began while the Israeli military continued extensive strikes against Tehran and expanded its invasion of Lebanon.
On Sunday, Mohammad Bagher Ghalibaf, one of Iran’s top wartime leaders, accused the US of using diplomatic efforts as cover to prepare for ground operations.